Relacorilant is a small molecule commercialized by Corcept Therapeutics, with a leading Phase III program in Cushing’s Syndrome. According to Globaldata, it is involved in 23 clinical trials, of which 15 were completed, 7 are ongoing, and 1 was terminated. GlobalData uses proprietary data and analytics to provide a complete picture of Relacorilant’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
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The revenue for Relacorilant is expected to reach an annual total of $886 mn by 2034 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
Relacorilant Overview
Relacorilant (CORT-125134) is under development for the treatment of endogenous Cushing's syndrome, advanced/metastatic solid tumors such as platinum-resistant ovarian cancer, adrenocortical carcinoma, triple negative breast cancer, fallopian tube cancer, primary peritoneal cancer, metastatic castration-resistant prostate cancer and pancreatic adenocarcinoma. It is a small molecule administered orally. The drug candidate is a next-generation cortisol modulator that targets glucocorticoid receptor II (GR-II). It was also under development for metastatic pancreatic ductal adenocarcinoma..
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Corcept Therapeutics Overview
Corcept Therapeutics (Corcept) discovers, develops, and commercializes innovative medicines for the treatmentof psychiatric, oncologic, and metabolic diseases. The company’s marketed product, Korlym (mifepristone), a cortisol receptor blocker, is indicated for the control of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing’s syndrome. Corcept’s major pipeline products include relacorilant for endogenous Cushing syndrome;miricorilant for NASH and antipsychotic-induced weight gain. It also has pipeline products in different phases of clinical trials indicated for the treatment of pancreatic cancer, ovarian cancer, adrenocortical cancer, amyotrophic lateral sclerosis, alcohol use disorder, and post-traumatic stress disorder among others. Corcept is headquartered in Menlo Park, California, the US.
The company reported revenues of (US Dollars) US$401.9 million for the fiscal year ended December 2022 (FY2022), an increase of 9.8% over FY2021. In FY2022, the company’s operating margin was 28%, compared to an operating margin of 34% in FY2021. In FY2022, the company recorded a net margin of 25.2%, compared to a net margin of 30.7% in FY2021.
The company reported revenues of US$123.6 million for the third quarter ended September 2023, an increase of 5% over the previous quarter.
For a complete picture of Relacorilant’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.
